Enforcement Directorate Issues Lookout Circular Against Anil Ambani

In a significant development, the Enforcement Directorate (ED) has issued a lookout circular against Anil Ambani, Chairman of the Reliance Group, in connection with an alleged Rs 3,000-crore loan fraud case. This action aims to prevent Ambani from leaving the country amid ongoing investigations. The circular is distributed to all entry and exit points, including airports and seaports, ensuring that officials are alerted to detain him if he attempts to travel abroad.

Summons for Questioning

The issuance of the lookout notice coincides with the ED summoning Anil Ambani for questioning. He has been asked to appear before the agency on Tuesday. This summons is part of a broader investigation into the alleged diversion of loans provided by Yes Bank to Reliance Group companies between 2017 and 2019. The ED suspects a quid pro quo arrangement, as payments were reportedly made to bank promoters just before the loans were sanctioned.

Ongoing Investigations and Raids

The ED’s investigation has been extensive, involving raids on over 50 firms connected to the case. These operations began on July 24 and continued for at least three days under the Prevention of Money Laundering Act. Despite these actions, Reliance Power and Reliance Infrastructure have assured stakeholders that their business operations remain unaffected.

Allegations of Fake Bank Guarantee

In addition to the loan fraud case, the ED is probing an alleged fake bank guarantee worth Rs 68.2 crore. Biswal Tradelink, operating several shell companies, is accused of issuing a fraudulent guarantee to the Solar Energy Corporation of India (SECI) using a spoofed domain similar to that of the State Bank of India. This deception involved sending forged emails that appeared legitimate.

Corporate Response and Historical Context

Reliance Power and Reliance Infrastructure have responded to media reports by clarifying that the allegations pertain to transactions involving Reliance Communications Limited or Reliance Home Finance Limited from over a decade ago. They maintain that these issues do not impact their current financial performance or stakeholder interests.